Converted Mortgage Loan definition

Converted Mortgage Loan. An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the related Mortgage Interest Rate to a fixed rate of interest, and the Servicer has processed such conversion. Co-op Shares: Shares issued by private non-profit housing corporations.

Converted Mortgage Loan. Any Convertible Mortgage Loan with respect to which the interest rate borne by such Mortgage Loan has been converted from an adjustable interest rate to a fixed interest rate.

Converted Mortgage Loan. Any Mortgage Loan as to which the related Mortgagor has exercised its option pursuant to the related Mortgage Note to convert the adjustable rate of interest on such Mortgage Loan to a fixed rate of interest. Co-op Shares: Shares issued by private non-profit housing corporations.

Examples of Converted Mortgage Loan in a sentence

• The Servicer shall purchase such Converted Mortgage Loan from the applicable Trustee at the Purchase Price by depositing the Purchase Price into the Custodial P&I Account.

• The Depositor shall repurchase from the Trust any Converted Mortgage Loan prior to the first Due Date for such Mortgage Loan following the Conversion Date.

• Any such Converted Mortgage Loan which is not purchased by the Servicer or the Seller and which the Master Servicer is unable to sell shall remain in the Trust.

• Upon receipt of written notice from the Servicer of the conversion of any ARM Loan to a Converted Mortgage Loan, the Master Servicer shall enforce the Servicer's obligation, if any, set forth in the Servicing Agreement or the Seller's obligation, if any, set forth in the Sales Agreement to purchase such Converted Mortgage Loan from the Trustee.

• The Servicer shall promptly notify the Trustee and the Converted Loan Purchaser of each Mortgage Loan which becomes a Converted Mortgage Loan.

More Definitions of Converted Mortgage Loan

Converted Mortgage Loan. Any Mortgage Loan as to which the Mortgagor thereunder has exercised its right under the related Mortgage Note to convert the adjustable Loan Rate thereon to a fixed Loan Rate.

Converted Mortgage Loan. A Convertible Mortgage Loan with respect to which the related Mortgagor has exercised its option to convert the related Mortgage Note from a Mortgage Note with an adjustable interest rate to a Mortgage Note with a fixed interest rate.

Converted Mortgage Loan. Not applicable.

Converted Mortgage Loan. An ARM Loan with respect to which the Borrower has complied with the applicable requirements of the related Mortgage Note to convert the Mortgage Interest Rate relating thereto to a fixed rate of interest (and with respect to which the related Servicer has processed such conversion).

Converted Mortgage Loan. Any Convertible Mortgage Loan as to which the related Mortgagor has exercised the right to convert the Mortgage Rate from an adjustable to a fixed rate.

Converted Mortgage Loan. Any Convertible Mortgage Loan as to which ----------------------- the Mortgagor has exercised the option to convert to a fixed Mortgage Rate and satisfied all of the conditions to conversion set forth in the Mortgage Note.

Converted Mortgage Loan. A Convertible Mortgage Loan with respect to which the Mortgagor has exercised the conversion option.